The 1985 film is to be remade as 'Fire' and will be executive produced by Joel Schumacher who wrote and directed the original movie, which starred some of the biggest stars of the 80s, including Emilio Estevez, Andrew McCarthy, Rob Lowe, Demi Moore, Judd Nelson, Ally Sheedy and Mare Winningham.
The film set in Washington followed the group of friends after their graduation from Georgetown University as they work out what life after college is going to be like.
Comparisons are likely to be drawn to 'Friends', the TV show that is seen as the holy grail by networks looking to attract young audiences. However, 'Fire' will be an hour long and combine comedy and drama.
'Fire' will introduce six new characters, but with familiar settings and themes. It will still be set in Washington's Georgetown district and the bar that gave the film its name and provided a central location, St. Elmo's Bar & Restaurant, will remain more or less, becoming St. Elmo's Bar & Grill.
Dan Bucatinsky, who is writing and producing the show, said: "More than anything, the movie evokes a feeling that doesn't go away, the feeling of bonding with your friends who become your surrogate family."
"I feel it is time to re-create 'Friends' in the hour long genre and feel like this is the perfect opportunity."
Many of the actors in the film appeared in a series of Brat Pack movies. Alongside 'St Elmo's Fire' these most notably included the films of John Hughes who died last week of a heart attack at the age of 59.
Hughes wrote and directed the 'Breakfast Club', which also starred Estevez, Nelson and Sheedy while McCarthy appeared in 'Pretty in Pink'.
The revival of 'St Elmo's Fire' is part of a run of 80s films and shows that are being dusted down for the noughties.
Among them are 'Eastwick', based on the John Updike film 'The Witches of Eastwick' and alien invasion mini series 'V'. They join shows like 'Knight Rider' and 'Battlestar Galactica', both of which were remade by NBC, and the CW network's '90210'.
Also returning is the 80s classic 'Fame', but that is not heading for the small screen. Alan Parker's film is getting a big screen revival.
The UK is not immune from the revival trend with the BBC remaking 'Day of the Triffids' and Sky One 'Blake's 7'.
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